金融工具包相關(guān)資料(英文版)(編輯修改稿)
2024-07-23 21:06 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 end of five years. Suppose you want to find the purchase price of the bond to yield an investor 14% pounded semiannually. (Note: the yield rate always es before thecoupon rate). levelcoupon( 1000, .14/2, .10/2, 5*2 )。The result shows that the bond is purchased at a discount , since the opportunity cost of capital is higher than the bond rate.Suppose you want to find the yield rate to maturity of a bond. Suppose a large corporation issues a 15year bond that has a face value of $10 000 000, and paysinterest at a rate of %. If the purchase price of the bond is $11 729 2, the yield tomaturity for the bond is found by the yieldtomaturity mand. yieldtomaturity( , , .10/2, 30 )。That is, approximately 4% per halfyear, or % .Effective Interest RatesFor a given nominal rate of interest pounded times per year, the annual effective rate of interest is the rate j which, if pounded annually, will produce the same amount of interest per year.Compute the annual effective rate of interest to %effectiverate( .1325, 365 )。The annual effective rate works out to be about %.The effective annual rate of interest corresponding to % is calculated as follows. effectiverate( r, m )。As another example, to find the rate equivalent to %, enter the following mand. 4*effectiverate( .10/4, 2/4 )。The annual effective rate is approximately %.Recall that is the annual interest rate that is pounded m times per annum. The continuous pound rate is the nominal interest rate that is pounded without limit, or continuously. Typical notation for this is . For instance, the annualeffective rate of interest equivalent to =15 % is puted as follows. effectiverate( .15, infinity )。Interest FormulasIf is the principal at the beginning of the first interest
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